American Public Education (APEI) Revenue & Revenue Breakdown

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American Public Education Revenue Highlights

Latest Revenue (Y)

$648.86M

Latest Revenue (Q)

$163.22M

Main Segment (Y)

Instructional Services, Net Of Grants And Scholarships

Main Geography (Y)

American Public Education Inc Segment

American Public Education Revenue by Period

American Public Education Revenue by Year

Date	Revenue	Change
2025-12-31	$648.86M	3.89%
2024-12-31	$624.56M	4.00%
2023-12-31	$600.54M	-0.95%
2022-12-31	$606.33M	44.78%
2021-12-31	$418.80M	30.15%
2020-12-31	$321.79M	12.41%
2019-12-31	$286.27M	-3.84%
2018-12-31	$297.69M	-0.52%
2017-12-31	$299.25M	-4.44%
2016-12-31	$313.14M	-4.50%
2015-12-31	$327.91M	-6.32%
2014-12-31	$350.02M	6.23%
2013-12-31	$329.48M	5.09%
2012-12-31	$313.52M	20.41%
2011-12-31	$260.38M	31.39%
2010-12-31	$198.17M	33.00%
2009-12-31	$149.00M	39.06%
2008-12-31	$107.15M	55.07%
2007-12-31	$69.09M	72.54%
2006-12-31	$40.05M	42.11%
2005-12-31	$28.18M	21.88%
2004-12-31	$23.12M	30.19%
2003-12-31	$17.76M	-

American Public Education generated $648.86M in revenue during NA 2025, up 3.89% compared to the previous quarter, and up 201.64% compared to the same period a year ago.

American Public Education Revenue by Quarter

Date	Revenue	Change
2025-09-30	$163.22M	0.28%
2025-06-30	$162.77M	-1.08%
2025-03-31	$164.55M	0.27%
2024-12-31	$164.11M	7.18%
2024-09-30	$153.12M	0.15%
2024-06-30	$152.90M	-1.00%
2024-03-31	$154.43M	1.07%
2023-12-31	$152.80M	1.30%
2023-09-30	$150.84M	2.46%
2023-06-30	$147.21M	-1.65%
2023-03-31	$149.69M	-1.80%
2022-12-31	$152.44M	1.94%
2022-09-30	$149.53M	-0.05%
2022-06-30	$149.61M	-3.32%
2022-03-31	$154.75M	0.49%
2021-12-31	$154.00M	56.75%
2021-09-30	$98.25M	25.94%
2021-06-30	$78.01M	-11.89%
2021-03-31	$88.54M	3.06%
2020-12-31	$85.91M	8.56%
2020-09-30	$79.13M	-3.65%
2020-06-30	$82.13M	10.07%
2020-03-31	$74.62M	0.32%
2019-12-31	$74.38M	9.56%
2019-09-30	$67.89M	-3.79%
2019-06-30	$70.56M	-3.92%
2019-03-31	$73.44M	-4.54%
2018-12-31	$76.93M	5.40%
2018-09-30	$72.99M	0.27%
2018-06-30	$72.80M	-2.89%
2018-03-31	$74.97M	-3.99%
2017-12-31	$78.08M	6.56%
2017-09-30	$73.28M	1.50%
2017-06-30	$72.20M	-4.61%
2017-03-31	$75.69M	-3.74%
2016-12-31	$78.63M	6.53%
2016-09-30	$73.80M	-3.83%
2016-06-30	$76.75M	-8.60%
2016-03-31	$83.97M	-2.27%
2015-12-31	$85.91M	12.61%
2015-09-30	$76.29M	-4.95%
2015-06-30	$80.26M	-6.06%
2015-03-31	$85.44M	-6.41%
2014-12-31	$91.30M	7.78%
2014-09-30	$84.71M	-0.88%
2014-06-30	$85.46M	-3.49%
2014-03-31	$88.55M	6.77%
2013-12-31	$82.94M	1.42%
2013-09-30	$81.78M	1.05%
2013-06-30	$80.92M	-3.48%
2013-03-31	$83.84M	-2.51%
2012-12-31	$86.00M	11.51%
2012-09-30	$77.12M	3.42%
2012-06-30	$74.57M	-1.65%
2012-03-31	$75.82M	0.20%
2011-12-31	$75.67M	15.96%
2011-09-30	$65.25M	7.33%
2011-06-30	$60.80M	3.63%
2011-03-31	$58.66M	4.17%
2010-12-31	$56.31M	16.60%
2010-09-30	$48.30M	4.41%
2010-06-30	$46.25M	-2.23%
2010-03-31	$47.31M	8.38%
2009-12-31	$43.65M	19.69%
2009-09-30	$36.47M	2.12%
2009-06-30	$35.71M	7.70%
2009-03-31	$33.16M	5.26%
2008-12-31	$31.50M	14.96%
2008-09-30	$27.40M	9.62%
2008-06-30	$25.00M	7.56%
2008-03-31	$23.24M	9.51%
2007-12-31	$21.22M	-

American Public Education generated $163.22M in revenue during Q3 2025, up 0.28% compared to the previous quarter, and up 106.75% compared to the same period a year ago.

American Public Education Revenue Breakdown

American Public Education Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Graduation Fees	$3.88M	$2.45M	$1.76M	$1.35M	$1.31M
Textbook And Other Course Materials	$47.67M	$42.23M	$40.26M	$45.70M	$20.16M
Other Fees	$5.49M	$4.19M	$3.81M	$4.57M	$2.75M
Instructional Services, Net Of Grants And Scholarships	$591.82M	$575.69M	$554.71M	$554.70M	$394.59M

American Public Education's latest annual revenue breakdown by segment (product or service), as of Dec 25: Instructional Services, Net Of Grants And Scholarships (91.21%), Textbook And Other Course Materials (7.35%), Other Fees (0.85%), and Graduation Fees (0.60%).

Quarterly Revenue by Product

Product/Service	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20
Instructional Services, Net Of Grants And Scholarships	$142.93M	$148.78M	$149.77M	$150.34M	$292.05M	$141.36M	$142.28M	$141.03M	$140.00M	$135.97M	$137.70M	$140.13M	$136.61M	$136.72M	$141.25M	$139.89M	$92.66M	$75.85M	$86.18M	$83.70M
Textbook And Other Course Materials	$13.16M	$11.81M	$10.87M	$11.82M	$21.83M	$9.93M	$10.46M	$10.16M	$9.50M	$9.89M	$10.70M	$10.88M	$11.45M	$11.42M	$11.96M	$12.07M	$4.84M	$1.61M	$1.63M	$1.56M
Graduation Fees	$660.00K	$1.23M	$910.00K	$1.09M	$1.00M	$794.00K	$660.00K	$626.00K	$381.00K	$388.00K	$369.00K	$259.00K	$374.00K	$380.00K	$335.00K	$267.00K	$397.00K	$272.00K	$373.00K	$335.00K
Other Fees	$1.58M	$1.39M	$1.22M	$1.30M	$2.12M	$1.04M	$1.03M	$978.00K	$953.00K	$960.00K	$916.00K	$1.17M	$1.11M	$1.09M	$1.20M	$1.77M	$350.00K	$275.00K	$354.00K	$308.00K

American Public Education's latest quarterly revenue breakdown by segment (product or service), as of Dec 25: Instructional Services, Net Of Grants And Scholarships (90.27%), Textbook And Other Course Materials (8.31%), Other Fees (1.00%), and Graduation Fees (0.42%).

American Public Education Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
American Public Education Inc Segment	$319.84M	$317.05M	$303.30M	$285.13M	$283.70M

American Public Education's latest annual revenue breakdown by geography, as of Dec 25: American Public Education Inc Segment (100.00%).

Quarterly Revenue by Country

Country	Sep 25	Jun 25	Mar 25	Sep 24	Mar 24	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Sep 21	Jun 21	Mar 21	Sep 20	Jun 20	Mar 20	Dec 19	Sep 19
American Public Education Segment	$83.14M	$81.73M	$83.95M	$76.98M	$80.66M	$76.41M	$73.56M	$73.98M	$68.73M	$69.90M	$73.09M	$66.89M	$77.42M	$69.61M	$73.55M	$67.09M	$66.51M	$61.22M	-	-
American Public Education Inc Segment	-	-	-	-	-	-	-	-	$73.40M	$68.73M	-	-	-	-	-	-	-	-	-	-
American Public University System Segment	-	-	-	-	-	-	-	-	-	-	-	-	$65.91M	-	-	-	-	-	-	-

American Public Education's latest quarterly revenue breakdown by geography, as of Sep 25: American Public Education Segment (100.00%).

American Public Education Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
QSG	QuantaSing Group	$3.08B	$945.57M
KLC	KinderCare Learning Companies	$2.73B	$676.83M
DNUT	Krispy Kreme	$1.52B	$375.30M
VSTA	Vasta Platform	$1.49B	$460.72M
NUS	Nu Skin Enterprises	$1.49B	$364.21M
SENEA	Seneca Foods	$1.46B	$508.35M
STKL	SunOpta	$817.72M	$205.41M
APEI	American Public Education	$648.86M	$163.22M
MGPI	MGP Ingredients	$536.38M	$130.91M
LINC	Lincoln Educational Services	$518.24M	$141.39M
BYND	Beyond Meat	$326.45M	$70.22M

APEI Revenue FAQ

What is American Public Education’s yearly revenue?

American Public Education's yearly revenue for 2025 was $648.86M, representing an increase of 3.89% compared to 2024. The company's yearly revenue for 2024 was $624.56M, representing an increase of 4.00% compared to 2023. APEI's yearly revenue for 2023 was $600.54M, representing a decrease of -0.95% compared to 2022.

What is American Public Education’s quarterly revenue?

American Public Education's quarterly revenue for Q3 2025 was $163.22M, a 0.28% increase from the previous quarter (Q2 2025), and a 6.59% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $162.77M, a -1.08% decrease from the previous quarter (Q1 2025), and a 6.46% increase year-over-year (Q2 2024). APEI's quarterly revenue for Q1 2025 was $164.55M, a 0.27% increase from the previous quarter (Q4 2024), and a 6.55% increase year-over-year (Q1 2024).

What is American Public Education’s revenue growth rate?

American Public Education's revenue growth rate for the last 3 years (2023-2025) was 8.05%, and for the last 5 years (2021-2025) was 54.93%.

What are American Public Education’s revenue streams?

American Public Education's revenue streams in c 25 are Graduation Fees, Textbook And Other Course Materials, Other Fees, and Instructional Services, Net Of Grants And Scholarships. Graduation Fees generated $3.88M in revenue, accounting 0.60% of the company's total revenue, up 58.19% year-over-year. Textbook And Other Course Materials generated $47.67M in revenue, accounting 7.35% of the company's total revenue, up 12.88% year-over-year. Other Fees generated $5.49M in revenue, accounting 0.85% of the company's total revenue, up 31.05% year-over-year. Instructional Services, Net Of Grants And Scholarships generated $591.82M in revenue, accounting 91.21% of the company's total revenue, up 2.80% year-over-year.

What is American Public Education’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of American Public Education was Instructional Services, Net Of Grants And Scholarships. This segment made a revenue of $591.82M, representing 91.21% of the company's total revenue.